With SPX suffering a further correction of -2.6% as investors begins to worry about rising yields where the benchmark 10-year U.S. Treasury note briefly crossed the 1.6% level, RES rallied a further +8.31% to close at it’s 52-weeks high at $6.39. The total cumulative rally from the breakout of its 3 months trend channel stance at +39.33% in less than 19 trading sessions.
Implied volatility of RES currently averages at 0.35/DAY, putting it on a spotlight to re-test its immediate resistance level at $6.80 in the upcoming session. Any signs of exhaustion will required RES to break below $5.00 before End March 2021.
RES provides a range of oilfield services and equipment for the oil and gas companies involved in the exploration, production, and development of oil and gas properties.